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Dec 8, 2012
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is how you can compare the economy. their economy, they were living off of borrow money and there came a time, no matter what their economy produces, $40 billion a year economy, 40 or $50 billion, i may have that wrong. what they produce wouldn't meet the interest needs of servicing their debt. what has happened? confidence in their ability to repay went down, the price of the debts, interest cost of there-when tway up and they have gone through three years of austerity with riots and complaints. i am not trying to compare our economy. i'm trying to compare what is going to happen to was because the same economic realities will hit us that it grease. we can deny it and say that is not going to happen to us, but it has been said, everything continues until it doesn't. that is what is going to happen to us. admiral mullins two years ago when he said the greatest threat to our nation isn't any foreign threat, it isn't out title or the chinese or the russians, it is the-and when the head of the joint chiefs of staff recogni
is how you can compare the economy. their economy, they were living off of borrow money and there came a time, no matter what their economy produces, $40 billion a year economy, 40 or $50 billion, i may have that wrong. what they produce wouldn't meet the interest needs of servicing their debt. what has happened? confidence in their ability to repay went down, the price of the debts, interest cost of there-when tway up and they have gone through three years of austerity with riots and...
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Dec 7, 2012
12/12
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it's not -- it's not better ground for the economy. and, frankly, i find it difficult to see how it's better political ground even for the gop. i figured, i didn't get it. so i figured this was beyond my small political brain to understand. so i asked some of my smarter hill republican friends what the theory was here. they told me the idea is while the president can permit the economy to fall over the fiscal cliff, or curb, whatever you want to call it, he can't allow us to default on our debt. that would, like, destroy the economy. that gives republicans a stronger hand or so they think. but really, think about that. here's how it would go. later this month, republicans would, by voting present, which everyone would think was a bit weird, permit the bush tax cuts to expire for income over $250,000. that would let president obama pocket $1 trillion in tax revenue and secure a win on his key priority in the talks. but they would do nothing else. at the end of the year, we would still go over the fiscal cliff. remember, the bush tax cut
it's not -- it's not better ground for the economy. and, frankly, i find it difficult to see how it's better political ground even for the gop. i figured, i didn't get it. so i figured this was beyond my small political brain to understand. so i asked some of my smarter hill republican friends what the theory was here. they told me the idea is while the president can permit the economy to fall over the fiscal cliff, or curb, whatever you want to call it, he can't allow us to default on our...
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Dec 10, 2012
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>> we think we are one of the last remaining organizedd forces in the economy that fight to invest that revenue and get the people back to work. because the private sector by itself is not generating the millions of more jobs. so it's about jobs and making sure we do not cut vital services to the people desperately need them. it's not just about the services, but it's also about stabilizing the employment of people in the healthcare and social security sector. so we have got to get back to work and protect services. that's why we think it's incumbent on us to have this fight as well. >> thank you for your time thank you for your time. next any time a right to work battle props up the meddling koch brothers are sure to pop up. and from cory booker to ted cruz to hillary clinton it seems the most interesting head figures these days are drank the kool-aid. and we'll give you a few gift ideas to help bury the hatchet. ♪ >>> it's not just governor snyder and michigan republicans that unions are battling you'll never guess who is funding their efforts. that's right think kochtopus. they do
>> we think we are one of the last remaining organizedd forces in the economy that fight to invest that revenue and get the people back to work. because the private sector by itself is not generating the millions of more jobs. so it's about jobs and making sure we do not cut vital services to the people desperately need them. it's not just about the services, but it's also about stabilizing the employment of people in the healthcare and social security sector. so we have got to get back...
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Dec 5, 2012
12/12
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economy and if the u.s. economy slows down, dramatically, that spreads like wildfire across the rest of the world. so it's not a couple hundred thousand jobs in the u.s. we're talking about tens of millions of jobs around the world and in an unstable world, i think we have to look beyond -- beyond ideology and get to a solution. >> i would take the clinton tax rates in a heartbeat if i could get the clinton spending rates. but neither side wants to talk about spending. it's not a deal to me if they're not going to talk about spending. same tax rates. >> i agree with you, eric. i think you're right. i wrote about that, too. but i think the president now, he's sort of signaled that he may be looking for some wiggle room here. later this afternoon he said that he wanted the tax rate cut now and he would be happy to look at lowering them again in a bigger package, but i agree with you. i think we have to get serious about these spending cuts. i just applied for social security and i want mine. >> all right. rich
economy and if the u.s. economy slows down, dramatically, that spreads like wildfire across the rest of the world. so it's not a couple hundred thousand jobs in the u.s. we're talking about tens of millions of jobs around the world and in an unstable world, i think we have to look beyond -- beyond ideology and get to a solution. >> i would take the clinton tax rates in a heartbeat if i could get the clinton spending rates. but neither side wants to talk about spending. it's not a deal to...
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Dec 6, 2012
12/12
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the economy is going to be a disaster. it's only going to get worse under obama. republicans are totally over the barrel because all tax cuts, bush tax cuts expire unless they agree to what is being portrayed as tax cuts for the rich. >> sean: boom. >> of course, let me finish the three points. it's not the rich. it's people who are currently engaged in making money or tax breaks as they say. for the rich i'd be more in favor of tax hikes on the rich. that's warren buffett and john kerry and diane feinstein. this is a tax on people desperately trying to become rich but the truly wish don't want them to. finally, the most important point is in two years we've got to take back the senate. >> sean: i don't want to talk about the election. >> the republicans need to concentrate on making sure this economy gets blamed on obama. there are things they can do like propose tax cuts or rather tax hikes for the truly rich, ie, warren buffett. no more state and low tax deductions. cut out that hollywood foin accounting. let's go after the 1% of the 1%. forget the 1% of income
the economy is going to be a disaster. it's only going to get worse under obama. republicans are totally over the barrel because all tax cuts, bush tax cuts expire unless they agree to what is being portrayed as tax cuts for the rich. >> sean: boom. >> of course, let me finish the three points. it's not the rich. it's people who are currently engaged in making money or tax breaks as they say. for the rich i'd be more in favor of tax hikes on the rich. that's warren buffett and john...
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Dec 5, 2012
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but the global economy. it would probably kick-fire a fantastic christmas for american businesses and everyone could go to christmas and have a great holy with their family and be grateful to republicans and democrats but if we don't get to christmas with a deal, it's going to ruin everybody's christmas, going to ruin everyone's economy and everyone is going to hate every politician. >> one of the things that we talked about today was the need for certainty, particularly for the business community. we all want the business community to be investing to hiring and as long as there's a lack of clarity in terms of what it's looking like going forward, they're less likely to do that. the other thing we talked about and this is something governor scott walker of wisconsin brought up, we're concerned not just about the fiscal impact but we're also concerned about economic growth. as governor herbert said, we all want to see growth and the president was very interested in that. we talked about, for example, infrastr
but the global economy. it would probably kick-fire a fantastic christmas for american businesses and everyone could go to christmas and have a great holy with their family and be grateful to republicans and democrats but if we don't get to christmas with a deal, it's going to ruin everybody's christmas, going to ruin everyone's economy and everyone is going to hate every politician. >> one of the things that we talked about today was the need for certainty, particularly for the business...
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Dec 4, 2012
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for example, the need for what they call a pro-growth economy, like senator ron johnson. let me play for you what he had to say. >> this president simply doesn't understand that and as a result he's going to punish success, put at risk the economic growth that we really need to create jobs, revenue that we need. >> this is sort of the talking point that we've been hearing all along. is there any indication around capitol hill that there is some softening on that? >> i don't even know what that means, putting -- basically, i believe that the argument is that only by decreasing taxes can you lead to growth. there is a lot of historical evidence that that is not necessarily the case. i think the issue for the gchop right now is whether the tax cuts expire for everyone or whether for only those with income over $250,000. >> let me bring in jim from the national journal. jim, we had a little technical problem there. let me ask you about what she said said. can anything be decided at all until a decision is made about who is going to have tax cuts expire if it's just going to b
for example, the need for what they call a pro-growth economy, like senator ron johnson. let me play for you what he had to say. >> this president simply doesn't understand that and as a result he's going to punish success, put at risk the economic growth that we really need to create jobs, revenue that we need. >> this is sort of the talking point that we've been hearing all along. is there any indication around capitol hill that there is some softening on that? >> i don't...
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Dec 6, 2012
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the economy's growing two percentage points. subtract 3.5, that is a severe recession. >> if we go off the fiscal cliff with no policy changes the near-term negative economic consequences would be significant and most assuredly throw us into a recession. >> comes a day after treasury secretary tim geithner told cnbc the white house is prepared to go the distance if its demands are not met. >> if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again we see there's no agreement that done involve those rates going up on the top 2% of the wealthiest. remember it's only 2%. >> former senator alan simpson, co-founder of the fix the debt campaign, choice words and analysis for would-be cliff jumpers. >> when you have leaders of parties and people from the administration saying, i think it will be to the advantage of the democrats to go off the cliff, wealthy it will be advantage to the republicans to go off the cliff or the president to go off the cliff, that's like betti
the economy's growing two percentage points. subtract 3.5, that is a severe recession. >> if we go off the fiscal cliff with no policy changes the near-term negative economic consequences would be significant and most assuredly throw us into a recession. >> comes a day after treasury secretary tim geithner told cnbc the white house is prepared to go the distance if its demands are not met. >> if republicans do not agree to that, is the administration prepared to go over the...
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Dec 10, 2012
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mo threat to say we might default, put our credit rating at risk, put the economy at risk. somehow at the end of the day i would like to see that out of there but i understand senator corker yesterday talking on this network about how, look, we've got to get the entitlements. i would say there's three legs on the stool. i look at it as the tax revenue question. there's entitlement spending question and i think the third is economic growth. i think i look at the debt ceiling as a technical question off to the side. >> do you want the debt ceiling to be part of this deal but if it isn't you're okay with it? >> no, they have until march. we saw what happens in august of 2011 when you go up to the end and look into the abyss or threaten to jump in. that didn't work very well. >> do you think republicans are making a strategic miscalculati miscalculation? there are some who believe, all right, we have no lefl leverage on taxes. maybe we give them the tax rates but nothing else and then use leverage -- you think that's a tactical mistake? >> i don't know how it works. at the end
mo threat to say we might default, put our credit rating at risk, put the economy at risk. somehow at the end of the day i would like to see that out of there but i understand senator corker yesterday talking on this network about how, look, we've got to get the entitlements. i would say there's three legs on the stool. i look at it as the tax revenue question. there's entitlement spending question and i think the third is economic growth. i think i look at the debt ceiling as a technical...
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12/12
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will we build an economy that pays workers enough to support a family or will we use the government to subsidize people's wages through food stamps and other support. today, we're not doing either one. in michigan, i signed a bill to raise the minimum wage to $7.40 an hour. that was six years ago. it needs to be raised again. the federal minimum wage is lower than that. it is now just $7.25 an hour. try, just try imagine earning $7.25 an hour and paying a mortgage or rent try living on $7.25 an hour and buying food, much less acquiring transportation in some way. forget clothing. that's a total luxury. this is a moral issue. but it is also an economic issue that's going to determine the vitality of our nation's recovery from recession. joining me now are two champions of the living wage fight. jonathan westin, director of fast food forward an organization that helped organize the strikes in new york. and linda archer is a current mcdonald's employee who's joined in the fight for better wages. they're joining us from new york. great to have you both inside "the war room" to share your s
will we build an economy that pays workers enough to support a family or will we use the government to subsidize people's wages through food stamps and other support. today, we're not doing either one. in michigan, i signed a bill to raise the minimum wage to $7.40 an hour. that was six years ago. it needs to be raised again. the federal minimum wage is lower than that. it is now just $7.25 an hour. try, just try imagine earning $7.25 an hour and paying a mortgage or rent try living on $7.25 an...
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Dec 10, 2012
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and it will grow the economy stronger. more taxpayers, more workers produces more revenue. >> i want to talk about spending, senator durbin. a challenge for you, based on a speech that you gave a couple of weeks ago here to progressives, you said the following about entitlement cuts. and i'll put it on the screen. this was in your prepared remarks which you stuck by. progressives should be willing to talk about ways to ensure the long-term viability of medicare and medicaid, but those conversations should not be part of a plan to avert the fiscal cliff. why not, is my question. you said in that speech there is absolutely savings to be derived from the medicare program and trimming it back. why shouldn't it be front and center in a specified way beyond what the president is proposing, which is about $350 billion over 10 years in cuts? >> david, medicare will run out of money in 12 years. we know that we have to do something to make sure that we take an approach that doesn't voucherize it or take the approach of the paul rya
and it will grow the economy stronger. more taxpayers, more workers produces more revenue. >> i want to talk about spending, senator durbin. a challenge for you, based on a speech that you gave a couple of weeks ago here to progressives, you said the following about entitlement cuts. and i'll put it on the screen. this was in your prepared remarks which you stuck by. progressives should be willing to talk about ways to ensure the long-term viability of medicare and medicaid, but those...
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Dec 6, 2012
12/12
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that's not what we believe is the kind of activity will get our economy and jobs rolling again. >> the white house will argue they're not the ones holds out to protect the top 2%, that it's the republicans doing that. >> great point, chris, the problem is what the president is holding out for is a nonsolution. the tax increases that the president wants on the top 2% will run this government not for eight years or eight weeks or eight weeks but run this government for eight days, which means it's not a solution. the president is not interested in real policy solutions by evidenced by what he has proposed, he's interested in politics and that's the challenge that we have a getting through that and making certain that we not be talking politics, we talk about positive policy for american people, getting committee rolling and getting jobs created. >> the administration, as we've been saying, has said they're prepared to go over the cliff. we heard that from tim geithner. if republicans refuse to raise taxes on the wealthy and john boehner said yesterday that's unacceptable, though he admit
that's not what we believe is the kind of activity will get our economy and jobs rolling again. >> the white house will argue they're not the ones holds out to protect the top 2%, that it's the republicans doing that. >> great point, chris, the problem is what the president is holding out for is a nonsolution. the tax increases that the president wants on the top 2% will run this government not for eight years or eight weeks or eight weeks but run this government for eight days,...
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Dec 10, 2012
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likely that the party that won in 2012 would be in a formidable position in 2016 because of where the economy is likely to be because of where it was in 2012. so the incumbent party, the democrats in this case, are going to be in a very strong position. and if hillary is the nominee, obviously, she's going to be the beneficiary of that. >> i just love a world where after being bill clinton's presidency, now gingrich is one of the great clinton champions, along with much of the republican party. it has been fast nating to see the republicans embrace hillary clinton, in particular. >> he also doesn't know how popular president obama is. but i'm going to have to leave it there. i was going to talk about governor romney was at the fight the other night where the losers who he visited. but maybe we eelt wait and get a blue ribbon panel on what paciao lost the fight. thanks for your time tonight. >> thanks, reverend. >> ahead, the fat-free world comes to a screeching halt on national tv. wait until you see my colleague, lawrence o'donnell, and what he did with newt gingrich onset. >>> and two of th
likely that the party that won in 2012 would be in a formidable position in 2016 because of where the economy is likely to be because of where it was in 2012. so the incumbent party, the democrats in this case, are going to be in a very strong position. and if hillary is the nominee, obviously, she's going to be the beneficiary of that. >> i just love a world where after being bill clinton's presidency, now gingrich is one of the great clinton champions, along with much of the republican...
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Dec 10, 2012
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that will devastate our local economy. >> at the end of the year. >> yes. something has to be done. >> putting things in reference basically? and you hear the word certainty all the time. right? talk about uncertainty for american businesses? right? >> unnecessary. it's unnecessary. i think people around the world, around the globe are looking at us for some leadership and resolution here now isn't the time. we are past the election season. let's get to work now. >> that's what the president wants to do. >> that's what the american public wants him to do as well. >> that's why he is going out today speaking in detroit to talk to workers. ible auto workers today. >> yeah. at the dangler detroit diesel detroit plant, he will be there this afternoon. secretary hilda solis in studio with us. your calls your comments welcome with those encouraging job numbers on friday. when we come back madam secretary, i would like to get your take on what is happening in michigan where the governor and the legislature in one day, on friday, said we are going to turn michigan
that will devastate our local economy. >> at the end of the year. >> yes. something has to be done. >> putting things in reference basically? and you hear the word certainty all the time. right? talk about uncertainty for american businesses? right? >> unnecessary. it's unnecessary. i think people around the world, around the globe are looking at us for some leadership and resolution here now isn't the time. we are past the election season. let's get to work now....
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Dec 8, 2012
12/12
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this will have a positive impact on the economy. i expect stocks and the economy boosting with this. maybe not a loser but oddball of the week is john mcafee. what is going on with him? someone who loves him, please reach out and help this man. this is a bad situation. >> yeah. that definitely is a bad situation. susan, best and worst. >> for the best week i gave it to john boehner because it looks like people in his conference are tarting to wake up and realize there has to be room for compromise. and that allows him to go into these negotiations with the president and really come up with a grand bargain, hopefully. for the worst week, it has to be senate minority leader mitch mcconnell. i just -- going up there and filibustering against your own bill is never a good thing. >> yeah. >> he really kind of set the stage. >> kind of leaves you head scratching, like, what? okay. mike, how about you? best and worst. >> let's start with worst. for obvious reasons we'll pick dee jay shock jocks and prank calls. you don't want to come close
this will have a positive impact on the economy. i expect stocks and the economy boosting with this. maybe not a loser but oddball of the week is john mcafee. what is going on with him? someone who loves him, please reach out and help this man. this is a bad situation. >> yeah. that definitely is a bad situation. susan, best and worst. >> for the best week i gave it to john boehner because it looks like people in his conference are tarting to wake up and realize there has to be room...
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Dec 10, 2012
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he's going to talk about the economy and fiscal cliff within the hour. we'll go to that live. >>> first to florida. that's where we learn new details about a long running mystery. in the town marianna and they have found more grave sites on the grounds a school that closed last century. nobody knows how many boys may be buried there and what abuse he suffer the at that school. ed lavandera spent years investigating the story, and he has the details. >> a mystery haunting the ground of this now defunct school for boys in marianna involving teenage boys sent here decades ago, some never seen again. in recent years former students in "twilight" years have come forward with horrific stories of punishing aaabuse doled out by school leaders and friends that vanished, stories told by cnn. they accused former school leaders of beatings, sexual abuse and even murder. which brings us to this cemetery on the school's grounds. the bodies of 31 boys are buried here. florida authorities claim they know how all the boys died, some killed in a fire and symptom in a flu
he's going to talk about the economy and fiscal cliff within the hour. we'll go to that live. >>> first to florida. that's where we learn new details about a long running mystery. in the town marianna and they have found more grave sites on the grounds a school that closed last century. nobody knows how many boys may be buried there and what abuse he suffer the at that school. ed lavandera spent years investigating the story, and he has the details. >> a mystery haunting the...
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Dec 6, 2012
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this will only hurt our economy. ernst and young has done an analysis of the president's proposal and said it will cost several hundreds thousands of jobs. there is a better way and the speaker has laid it out. it is an approach that calls for tax reform by reforming the tax code and passing responsible spending cuts in order to get our fiscal house in order. that's what america wants. this is our opportunity to do the big things. this is our moment to provide that leadership that america desperately wants and we stand here ready to take the action necessary. >> the american people are hurting right now and now is the moment where we need to step up to the plate and solve the problem. cann't know how any of us look our kids and grandkids in the eye and explain to them that we aren't willing to pay for the things we are enjoying today but just going to send them the bill. that's why republicans have the proposal on the table that fixes the problem, puts us on the course to solve the problem, which is the out-of- contr
this will only hurt our economy. ernst and young has done an analysis of the president's proposal and said it will cost several hundreds thousands of jobs. there is a better way and the speaker has laid it out. it is an approach that calls for tax reform by reforming the tax code and passing responsible spending cuts in order to get our fiscal house in order. that's what america wants. this is our opportunity to do the big things. this is our moment to provide that leadership that america...
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Dec 9, 2012
12/12
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perhaps the internet world has made the global economy closer so they can see it up front. but, i think that they also want to make sure those ladders of opportunity do continue to exist. that's why we need that fairer tax rate which would make sure that everybody can achieve the american dream. >> congresswoman, thanks for your time. i appreciate it. >> thank you. >>> coming up in a moment, a celebration for marriage equality. some are worried about the decision to hear two cases about same-sex marriage. we'll see where my next guest stands when weekends with alex witt continues. [ male announcer ] research suggests cell health plays a key role throughout our lives. one a day men's 50+ is a complete multivitamin designed for men's health concerns as we age. it has 7 antioxidants to support cell health. one a day men's 50+. can a 30-day-old pluggable febreze make even this old container smell fresh? take a deep breath. describe the room that you're in. i think just like a big, open space. like i'm hanging the sheets on the line. and it smells really fresh, man. let's take y
perhaps the internet world has made the global economy closer so they can see it up front. but, i think that they also want to make sure those ladders of opportunity do continue to exist. that's why we need that fairer tax rate which would make sure that everybody can achieve the american dream. >> congresswoman, thanks for your time. i appreciate it. >> thank you. >>> coming up in a moment, a celebration for marriage equality. some are worried about the decision to hear...
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the new 2013 ram 1500. ♪ with the best-in-class fuel economy. engineered to move heaven and earth. ♪ guts. glory. ram. bp has paid overthe people of bp twenty-threeitment to the gulf. billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. >>> as of today, we're 1433 days away from the next presidential election. >> for pollsters and politicians, it's not too soon to be thinking and looking ahead. jim acosta is here with some of the new numbers getting a lot of attention. >> and we're counting down those days, it's not that many. another sign that there is no cure, washington is buzzing with talk of 2016 just as voters are trying to put the last election behind them. some potential candidates are doing little to hide their intentio
the new 2013 ram 1500. ♪ with the best-in-class fuel economy. engineered to move heaven and earth. ♪ guts. glory. ram. bp has paid overthe people of bp twenty-threeitment to the gulf. billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america...
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Dec 3, 2012
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house prices are very sensitive to what is happening in the economy. then we could see default rates start to move up again. that is a question of how do you balance the benefits for the folks who make it through and gain access to home ownership earlier than they would have otherwise or maybe they never would have owned purses the cost of the families that will go through a default and a foreclosure? what is required sustainable home ownership? it is a difficult question. it is one we need to be mindful of when we calibrate this public policy around how low do we want to push those debt payments. when things are getting better, than you can start lowering the downpayments. that is what we ran into with the subprime problem. >> if you raise a down payment, interest rates are low. it is already difficult for some folks to save. their equity is gone or their other sources of downpayment have also been hit by the recession. is there too much emphasis on raising the down payment right now? >> i think it is. as important as down payment is, at the moment, i
house prices are very sensitive to what is happening in the economy. then we could see default rates start to move up again. that is a question of how do you balance the benefits for the folks who make it through and gain access to home ownership earlier than they would have otherwise or maybe they never would have owned purses the cost of the families that will go through a default and a foreclosure? what is required sustainable home ownership? it is a difficult question. it is one we need to...
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Dec 4, 2012
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we're gonna grow, not slow the economy. we're gonna grow, not slow, the economy. we're gonna grow, not slow, the economy. >> but here is how the episode ended. there you see senator portman with four of the protesters after his speech. well, according to buzz feed, portman and those four protesters, all ohio residents, had an impromptu meeting after his speech ended. it lasted about 20 minutes and concluded with that group photo. i guess thas one way to be a politician and a protester. gets the guy's attention, he gets their attention, they meet, you have a meeting, something gets done. >>> also, why is sarah palin apologizing to fellow republicans? it turns out she's having second thoughts about warning them not to be with uses in debates on taxes and government spending. here is palin and her mea culpa, plus a nugget about socialism. >> well, i guess i shouldn't call politicians names -- >> i don't not? >> i apologize for calling the wobbly ones wusses. that distracts from the points that has to be made. i say go back to what the blanks in your platform represen
we're gonna grow, not slow the economy. we're gonna grow, not slow, the economy. we're gonna grow, not slow, the economy. >> but here is how the episode ended. there you see senator portman with four of the protesters after his speech. well, according to buzz feed, portman and those four protesters, all ohio residents, had an impromptu meeting after his speech ended. it lasted about 20 minutes and concluded with that group photo. i guess thas one way to be a politician and a protester....
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what is the impact on the economy? >> for the government, the biggest impact n 1986, we'd similar thing, capital gains went from 20% to 28%. what happened is capital gains collections doubled in 1986 and then fell by half the following year, we can expect our government will have more than expected tax revenues this year and next year, when taxes go up, everyone will say, see, the tax hikes didn't work, we actually collected less revenue. and so the danger is we build program of this year's revenue, forecast base on this year's tax revenue and fall short next year. it could impact spending this money is not out there not generating jobs, not buying things or, you know, building things. >> got leave it there great stuff as always. thanks very much. >>> coming up next, flu fears starting early this year. why this flu season could be the worst in years. >>> and later on, iran stays shot down an american drone. the navy says no you didn't. either way, our own phil lebeau has firsthand experience with a small drone playing
what is the impact on the economy? >> for the government, the biggest impact n 1986, we'd similar thing, capital gains went from 20% to 28%. what happened is capital gains collections doubled in 1986 and then fell by half the following year, we can expect our government will have more than expected tax revenues this year and next year, when taxes go up, everyone will say, see, the tax hikes didn't work, we actually collected less revenue. and so the danger is we build program of this...